- Colombian government has maintained its commitment to
supporting its cannabis producers and building a dominant global
export industry.
- Five tonne quota to grow THC-dominant cannabis strains for
export as dried flower will support the fulfillment of current
sales agreements, beginning in early 2023.
TORONTO and RIONEGRO, Colombia,
Sept. 14,
2022 /CNW/ - PharmaCielo Ltd. ("PharmaCielo" or the
"Company") (TSXV: PCLO)
(OTCQX: PCLOF), the Canadian parent of Colombia's
premier cultivator and producer of dried flower and medicinal-grade
cannabis extracts, PharmaCielo Colombia Holdings S.A.S.
("Holdings"), today announced it has received a five tonne
quota to produce THC-dominant cannabis strains for export as dried
flower. This quota will support PharmaCielo's sales efforts in
additional global markets, and enable the Company to fulfill
shipments of dried cannabis flower to support current agreements.
The Company expects to begin shipping commercial quantities of
dried cannabis flower beginning in early 2023 with continued
growth over the course of the year.
Management Commentary
Bill Petron, CEO of
PharmaCielo, commented, "The Colombian government has
consistently demonstrated a commitment to supporting domestic
cannabis producers, and building its export industry into a
position of global dominance. Colombian dried cannabis flower is
well-positioned to compete with higher cost cannabis flower
currently being exported to the EU, Israel, Australia and other markets from jurisdictions
such as Canada. 2023 will be an
important growth year for the Colombian cannabis industry, and for
PharmaCielo, as the largest scale producer in the country."
About PharmaCielo
PharmaCielo Ltd. (TSXV: PCLO, OTCQX: PCLOF)
is a global company, headquartered in Canada, with a focus on ethical
and sustainable cultivating,
processing and supply of all natural,
pharmaceutical-grade medical dried cannabis flower and
cannabis products to large channel distributors. PharmaCielo's
principal (and wholly owned) subsidiary is PharmaCielo
Colombia Holdings S.A.S., headquartered at its cultivation
and processing center located in
Rionegro, Colombia.
The board of directors and executive team of PharmaCielo are
comprised of a diversely talented group of international
business executives and specialists with relevant and varied
expertise. PharmaCielo recognized the significant role that
Colombia's ideal location plays in
building a sustainable business in the medical cannabis industry,
and the Company, together with its directors and executives, is
executing on a business plan focused on supplying the international
marketplace.
Forward-Looking Statements
This news release
contains forward-looking statements. Forward-looking statements can be identified
by the use of words such as "expects", "is expected", "intends",
"anticipates", "believes", or variations of such words and
phrases or state that certain actions, events or results "may"
or "will" be taken,
occur or be completed or achieved.
Forward-looking statements can be affected
by known and unknown risks, uncertainties and other
factors, including changes to PharmaCielo's development plans, the
failure to obtain and maintain all necessary regulatory approvals
relating to the export of cannabinoid products and the import of
these products into other countries, TSX Venture Exchange approval,
the inability to export or distribute commercial products through
sales channels as anticipated due to economic or operational
circumstances, risks associated with operating in Colombia, fluctuation of the market price for
the Company's products, risks associated with global economic
instability relating to COVID-19 or other developments, risks
related to retention of key Company personnel, currency exchange
risk, competition in PharmaCielo's market and other risks discussed
or
referred to under the heading "Risk Factors" in PharmaCielo's
Annual Information Form for the financial year ended December 31, 2019, which is available at
www.sedar.com. Accordingly, readers should not place undue reliance
on forward-looking statements. Except as required by law,
PharmaCielo undertakes no obligation to publicly update any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts
responsibility for the adequacy or accuracy of this press
release.
SOURCE PharmaCielo Ltd.